Eterneva Raises $10M Series A to Reimagine the Experience Around Loss
End of Life space is projected to hit $200B+ by 2030
AUSTIN, Texas, July 26, 2021 /PRNewswire/ -- Consumer technology and grief wellness pioneer Eterneva announces today the close of an oversubscribed $10 Million Series A led by Tiger Management with co-investment from Goodwater Capital, Capstar Ventures, NextCoast Ventures, Mark Cuban and more.
CEO & Co-Founder Adelle Archer joins a small minority of female CEOs to raise a larger venture growth round, and Eterneva is the second end-of-life company ever to raise a $10M+ round.
Eterneva helps grievers celebrate remarkable people & pets by making diamonds from ashes or hair. As cremation rates are skyrocketing (projected 78% by 2040), consumers are breaking with age-old funeral traditions, and there's a newfound cultural openness to end of life conversations. People are looking for options that are more personal, meaningful and celebratory, which draws consumers to Eterneva - because the diamond reminds them of life (not death). According to research by funeralOne: 62% of people want personalization, 71% don't want a traditional funeral, and 54% of people want celebration of life.
Eterneva partners with funeral homes and pet aftercare providers across the United States to reach consumers seeking more meaningful and personal memorial options at the point of decision. Eterneva is partnering with some of the largest enterprise players in the end of life space and is a major modernizing force for the funeral industry as a whole.
"Something we hear too often is, 'I wish I knew about this option before I spread my loved ones ashes.' For the millions of Americans who feel like a traditional funeral or scattering ashes isn't enough for an extraordinary person or pet - we want them to know this is an option far in advance," says Adelle Archer, Eterneva CEO and Co-Founder. "This round will go towards raising broader awareness of this special option so families can make empowered choices and scaling Eterneva's operations and channels to keep pace with outsized demand. Eterneva families have already remarked that Eterneva's diamond process helps them transform acute grief into acceptance, and mourning into a celebration of life."
The round will also go towards investing in taking the Eterneva diamond journey experience to a whole new level and scaling their funeral home and pet aftercare channel program nationwide.
"Eterneva has created a transformative product that answers the need to celebrate and memorialize loved ones. We believe its technology, ambitious management team, and transparent process can bring meaningful solutions to the myriad of bereaved," says Alex Robertson, lead investor and President of Tiger Management.
Eterneva is building the first direct to consumer brand in the end of life space and is massively resonating with a rapidly changing griever demographic; since Q4 2020 15 videos about Eterneva have gone viral on TikTok garnering between 500k-7M+ organic views - outperforming brands like Nike and McDonald's in the same time frame.
"Eterneva has done what many have thought impossible – made the end of life field so energizing that it trends on TikTok!" noted Eric Paley, Managing Partner of Founder Collective. "We are proud investors in co-founders Adelle Archer and Garrett Ozar for bringing product innovation to a market that has remained lifeless for thousands of years."
Eterneva is also proud to welcome some of the top female venture capitalists to the cap table - from notable angels like Lydia Jett (Partner at Softbank) and Kara Nortman (Managing Partner at Upfront, founder of Angel City), to Kathryn Cavanaugh, the managing director of Capstar Ventures, who is joining Eterneva's board.
"I am thrilled to support Eterneva's next phase of growth as they build a new category in deathcare that improves the lives of consumers," says Kathryn Cavanaugh. "We are honored to back a business that helps people to grieve better with products and services that deeply resonate with today's consumer."
Learn more at eterneva.com or visit tiktok.com/@eterneva to see the science behind turning ashes into diamonds.
About Eterneva:
Eterneva is a consumer technology and grief wellness brand that reimagines the experience around loss by making diamonds from ashes or hair. Beyond providing a beautiful way to memorialize, Eterneva provides a participatory experience around the diamond creation journey - designed to bring grievers brightness and healing. According to research by Baylor University, 82% of people said the Eterneva experience positively helped their grief. Eterneva is based in Austin, Texas, and was featured on both Inc and Forbes 30 Under 30 and on Shark Tank, receiving investment from Mark Cuban. To learn more visit eterneva.com, hear from customers at Eterneva reviews, or read up on the science behind turning ashes to diamonds.
SOURCE Eterneva
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